蜜雪集团供应链壁垒与下沉红利双轮驱动,全球化打开长期空间

太平洋证券
05 Mar

全球现制饮品龙头,2024前三季度收入/归母净利润增速达21.2%/45.2%。蜜雪冰城于1997年创立于郑州,通过“极致性价比+供应链垂直整合+轻资产加盟”模式实现快速扩张,截至2024年公司全球门店数达46,479家,全球市占率(按门店数)达19%,成为全球门店规模最大的现制饮品企业。2021-2023年营收/归母净利润CAGR为40.1%/28.2%,业绩增长迅速主因门店快速扩张,2021-...

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